Space as a Service Market Insights
Global expansion is significant opportunity for Space as a Service (SPaaS) providers, as demand for flexible workspace solutions continues to grow globally.
PORTLAND, PORTLAND, OR, UNITED STATE, May 10, 2023 /EINPresswire.com/ — Allied Market Research published a new report, titled, ” The Space as a Service Market Reach to USD 14 Billion by 2031 | Top Players such as – Innov8, Workbar, Regus and Colive.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global space as a service market was valued at USD 8.7 billion in 2021, and is projected to reach USD 14 billion by 2031, growing at a CAGR of 5.1% from 2022 to 2031.
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The increasing number of entrepreneurs, freelancers, and small businesses, the rising demand for flexible workstations, and the growing adoption of remote and hybrid work models across the globe, are the factors expected to drive the growth of the global space as a service market in the forecast period from 2022 to 2031. The increasing demand for space as a service (SPaaS) solutions from small and medium enterprises (SMEs) is expected to offer remunerative opportunities for expansion of the space as a service market during the forecast period.
The global space as a service market share is segmented based on, end-user and region. By end-user, it is classified into small & medium enterprises, freelancers, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Based on end-user, the small and medium enterprises sub-segment held the largest market share in 2021 and is estimated to maintain its leadership status during the forecast period. This sub-segment of the global space as a service market is predicted to grow at a highest CAGR of 5.5% during the estimated timeframe, owing to the growing demand from SMEs for flexible office spaces due to the dynamic nature of their business. Besides, SPaaS providers offer these enterprises the flexibility to rent or lease office space on a short-term basis, which makes it an attractive option for small businesses.
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Based on region, North America held the significant market size in 2021 and is expected to witness significant growth during the forecast period. The dominance of the region is majorly owing to the increased demand for flexible workspace solutions due to the rise of remote work. In addition, the increasing focus of SPaaS providers in the region on sustainability and energy efficiency is driving the regional market growth. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR of 6.8% during the forecast period, owing to the continuing rising popularity of SPaaS due to the rapid growth in remote work and gig economy.
The key players profiled in this report include WeWork, 91springboard, Awfis, Common Ground, Innov8, Workbar LLC, Regus, Colive, MindSpace, and Industrious.
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Covid-19 Scenario
● The outbreak of the COVID-19 pandemic has had a moderate impact on the growth of the global space as a service market.
● Decrease in demand for office and workspace solutions due to lockdown restrictions to prevent the spread of the virus affected the growth of the space as a service market growth in the initial period of the pandemic.
● However, the SPaaS providers shifted their focus on providing remote work solutions, such as virtual offices and coworking spaces to their customers by implementing safety measures. They focused on offering more private office spaces by maintaining social distancing norms to meet the changing demands of the market. These factors have significantly impacted the global space as a service market growth.
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